BOOKKEEPING STUDY GUIDE TEST
QUESTIONS WITH COMPLETE
ANSWERS
A listing of the account numbers and titles but without account balances is the
______________ of accounts. - ANSWER-Chart
Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and
______________ order should be compared. - ANSWER-Purchases
The report that sorts a company's accounts receivables into current, 1-30 days past
due, 31-60 days past due, etc. is referred to as the ______________ of accounts
receivable. - ANSWER-Aging
The amount of insurance premiums that have not yet expired is reported as an
______________. - ANSWER-Assets
Adjusting entries are recorded in the ______________ journal. - ANSWER-General
The bank statement has an ending balance of $1,700. There are $600 of deposits in
transit
and $2,100 of checks outstanding. The adjusted balance per the bank statement is
$______________. - ANSWER-$200.00
Which of the following will increase the balance in a liability account? - ANSWER-Credit
Which of the following will increase the balance in a revenue account? - ANSWER-
Credit
Rent Expense, Wages Expense, and Advertising Expense are expected to have
____________ balances. - ANSWER-Debit
10. The cost of the land that is used as the site of a new warehouse should be
depreciated. - ANSWER-False
The book value of a company's equipment is usually the same as the equipment's fair
market value. - ANSWER-False
Assets that will turn to cash within one year are reported as ________________ assets.
- ANSWER-Current
Costs that are used up or expire in the current accounting period are reported on the
income statement as ______________. - ANSWER-Expenses
QUESTIONS WITH COMPLETE
ANSWERS
A listing of the account numbers and titles but without account balances is the
______________ of accounts. - ANSWER-Chart
Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and
______________ order should be compared. - ANSWER-Purchases
The report that sorts a company's accounts receivables into current, 1-30 days past
due, 31-60 days past due, etc. is referred to as the ______________ of accounts
receivable. - ANSWER-Aging
The amount of insurance premiums that have not yet expired is reported as an
______________. - ANSWER-Assets
Adjusting entries are recorded in the ______________ journal. - ANSWER-General
The bank statement has an ending balance of $1,700. There are $600 of deposits in
transit
and $2,100 of checks outstanding. The adjusted balance per the bank statement is
$______________. - ANSWER-$200.00
Which of the following will increase the balance in a liability account? - ANSWER-Credit
Which of the following will increase the balance in a revenue account? - ANSWER-
Credit
Rent Expense, Wages Expense, and Advertising Expense are expected to have
____________ balances. - ANSWER-Debit
10. The cost of the land that is used as the site of a new warehouse should be
depreciated. - ANSWER-False
The book value of a company's equipment is usually the same as the equipment's fair
market value. - ANSWER-False
Assets that will turn to cash within one year are reported as ________________ assets.
- ANSWER-Current
Costs that are used up or expire in the current accounting period are reported on the
income statement as ______________. - ANSWER-Expenses
